How to create a Trading Plan Premarket for Day Trading? (Part 2) $CLVS

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How to make a Premarket Watchlist for Day Trading Part 1▶︎
?Time stamps:
1:35 Drawing support and resistance lines on daily chart ($CLVS stock)
5:07 Research key data on the stock (float, market cap, institutional ownership)
6:56 Reading SEC filings for penny stocks (especially for biotech stocks)
9:20 Analyze stock historical behavior, price action and combine with all key data collected earlier to form a trading plan.

To become a self sufficient trader, it’s important to learn to create your own Premarket Watchlist for trading. In this video we’ll go over the next 3 STEPS steps to my premarket trading plan process and building my own watchlist every single morning.

STEP 1&2: Scan for Premarket gappers and analyze news catalyst for each stock.

STEP 3: Draw support and resistance levels on the daily chart for the stock.
Using daily levels and sometimes previous day close (red to green) and premarket highs and lows.
How to draw support and resistance for day trading

STEP 4: Key data analysis on the stock
I look at the market cap of the penny stock, whether the stock is low float, the short interest and the institutional ownership. I also read SEC filings if the stock is a penny stock, especially if it was in biotech sector.

STEP 5: Combine all the above with stock historical data to create a short term plan
This is where experience and screen time come in. Each stock has their own historical behavior and price action. Look at what has happened in the past to determine the most likely scenario to happen with the stock gap up short term for day trading.

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